The local real estate market, so far this year, is going as predicted.

Prices for existing single-family homes continue to rise while builders are focused on replenishing new home supplies in North Brevard (Merritt Island as it leads into the Kennedy Space Center); the Suntree/Viera area and in West Melbourne.

Recently released data by the Space Coast Association of Realtors showed in February that closed sales rose nearly 7 percent compared to a year earlier. And the median sales price for a single-family home — the point at which half the homes sell for less, half for more — jumped more than 12.2 percent over the year to $230,000.

Other details from the local realtors group showed that year over year:

Cash sales dropped 8.1 percent

New pending sales rose 2.7 percent

New listings jumped 9.1 percent

The months supply of inventory increased to 2.7 months from 2.5 months

Will some of this change if inventories grow? Probably say some people involved in the local real estate industry.

“There are some rising inventories and I do expect inventories to continue to rise as more homebuilders are building more,” Steve Vitani, a Realtor with RE/MAX Elite.

"The higher price re-sale market is a little bit more competitive and is very specific to buyers," he said. "In some areas the new home builders are providing even more competition with move-in ready new homes that offer today's trending home design features."

Steve Vitani, a Realtor with RE/MAX Elite(Photo: Provided)

The aura of an overheated market is on the minds of many as home prices continue to rise. The benchmark for some seems to be $248,000 median sales price, a figured reached in August 2005. After that was came a a real estate massacre and painful recession for Brevard and the United States.

Parade of Homes honors

The Home Builders and Contractors Association of Brevard recently announced honors from its annual Parade of Homes event.

The Ventura in Laguna Village by DiPrima Homes received platinum honors in the recent Parade of Homes on by the Home Builders & Contractors of Brevard.(Photo: Provided)

Pulling down top honors — the Diamond and Platinum — for homes in the $2 million to $5 million category were Christopher Burton Luxury Homes’ Adelaide at Viera (Diamond) and Arthur Rutenberg Homes’ Modena at Adelaide (Platinum.)

Other winners were:

$200,000 to $300,000

Diamond — Lindsey at Loren Cove (Viera Builders)

Platinum — Villa Cerato (Palladio Homes)

Gold — Austin at Meadow Pointe (Vintage Estate Homes)

Silver — Florence (Vintage Estate Homes)

Bronze — Coronado at Lorenzo Cove (Viera Builders)

$300,000 to $400,000

Diamond — Siesta at Trasona Cove West (Viera Builders)

Platinum — The Rainier (Holiday Builders)

Gold — Juniper at Trasona Cove East (Viera Builders)

Silver — Songbird at Crane Creek Landings (mai Design Build)

Bronze — Austin in Monticeto (Vintage Estate Homes)

$400,000 to $500,000

Diamond — The Livorno at Egrets Landing (Maronda Homes)

Platinum — Ventura in Laguna Village (DiPrima Homes)

Gold — The Beaufort at Egrets Landing (Holiday Builders)

Silver — Abacos in Cashel Village at Capron Ridge (Monarch Builders)

Bronze — Cabrera at Arrivas Village (Viera Builders)

$500,000 to $600,000

Diamond — Casa Monica at Reeling Park (Viera Builders)

Platinum — Arezzo II at Kerrington (Viera Builders)

$600,000 to $700,000

Diamond — Milano III at San Marino Estates (Newton Land Development)

Platinum — The Palermo II (A & E Custom Homes)

$700,000 to $800,000

Diamond — The Hemingway (Simms Builders)

Platinum — Saint Thomas at Seville (LifeStyle Homes)

Gold — Villa Lucca Grande at Saint Andrews Manor (DiPrima Homes)

$800,000 to $900,000

Diamond — The Marsh Harbour II at Seville (Stanley Homes)

Platinum — The Shiloh at Indian River Landings (Homes by Towne)

Gold — The Santa Rosa in Seville (AMEK Homes)

$900,000 to $1 million

Diamond — Bella Vue in Valencia of Addison Village (Joyal Homes)

$1 million to $2 million

Diamond — The Aspen at Modern Duran (Elan Builders)

Contact Price at 321-242-3658 or wprice@floridatoday.com. You can also follow him on Twitter @Fla2dayBiz.